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Maybank exits Papua New Guinea for US$117m
[KUALA LUMPUR] Malayan Banking Bhd (Maybank), Malaysia's largest bank by assets, said on Monday it will sell its commercial banking units in Papua New Guinea for 418 million ringgit (US$117.15 million).
The sale of Maybank (PNG) Ltd and Mayban Property Ltd to Kina Ventures Ltd follows a decision to re-focus Maybank's resources into Asean and China, where it can achieve better synergies and investment returns, the bank said in a statement. "While we have been operating profitably and successfully in Papua New Guinea over the years, we have had to evaluate how best we can use our capital going forward, especially in light of new and more stringent requirements under the Basel III regime," Chief Executive Abdul Farid Alias said.
The sale is expected to conclude in the second half of this year.